First Direct - Cash ISA tiers

glensmen

The First Direct Cash ISA is tiered, with different interest rates on different balances. If I have a balance of, say, £50k, does that mean I would receive

(a) 3% on the full £50k
or
(b) 0.5% on the first £5k, 1.2% on the next £5k etc, and only 3% on the portion over £40k?

I can't find anything in the T&Cs, which, combined with the fact that it isn't mentioned as a best buy on this site, makes me a bit suspicious. Anyone know for sure?

tushingham

glensmen wrote: »

The First Direct Cash ISA is tiered, with different interest rates on different balances. If I have a balance of, say, £50k, does that mean I would receive

(a) 3% on the full £50k
or
(b) 0.5% on the first £5k, 1.2% on the next £5k etc, and only 3% on the portion over £40k?

I can't find anything in the T&Cs, which, combined with the fact that it isn't mentioned as a best buy on this site, makes me a bit suspicious. Anyone know for sure?

from their website:
Our Cash ISA, which pays 3.00% AER (2.96% tax-free) variable on balances of £40,000 and over,


I'd take it that its 3% on the whole balance as they say 'balances of 40k and over' not 'balances over 40k'.
the only way to know for certain is to ask FD but everything points towards 3% on the balance including the little tiered table

t

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tushingham wrote: »

I'd take it that its 3% on the whole balance as they say 'balances of 40k and over' not 'balances over 40k'.

The only difference between those two is 1p - "balances over £40K" means "balances of £40,000.01 and over".

But if you didn't get 3%, the call centre would be all clogged up with explaining to people why they hadn't got 3%.

tushingham

Yes but I think that's where the first part of the sentence gives it context
Paying on balances

A balance of 40k and over includes every penny upto there
Balances over 40k would only include the Pennies above it.

You're right the phones would be jammed.

All imho though. Best to contact and check